About MBK Homes

HOMES NOW PREVIEWING AT ALTOLIVA BY MBK HOMES

SANTA CLARITA, CA - June 11, 2003 - Prospective homebuyers are invited to visit the newly-opened sales center at MBK Homes new neighborhood of Altoliva in the Santa Clarita Valley's newest private master-planned community of Tesoro del Valle. With an extra special setting up high in the hills above Valencia, Altoliva features a stunning collection of single family homes priced from the high $300,000s.

With 121 single family detached homes in all, Altoliva will offer three and four bedrooms, two and one-half baths, approximately 1,821 to 2,298 square feet. In keeping with the community of Tesoro del Valle's Old California character, Altoliva's architecture adds the flavor and style of a romantic era. Altoliva will feature a private recreational facility with a pool for all homeowners. Model homes are anticipated for a late summer completion.

The master-planned community of Tesoro del Valle in the Santa Clarita Valley is conceived in the spirit of Old California. This nostalgic community blends the essence of its fabled history with its breathtaking views of the surrounding rolling hills and the valley below. Residents will have an opportunity to enjoy an array of community amenities, like the Tesoro del Valle Recreation Center, an Olympic-sized lap pool, resort pool and spa, tennis courts, sand volleyball court, a proposed on-site elementary school, hiking and equestrian trails.

To reach Tesoro del Valle, take the 5 North, exit Magic Mountain Parkway and turn right heading toward McBean Parkway. Turn left on McBean Parkway and left on Copper Hill. Go right at Avenida Rancho Tesoro and take the first left. For more information, please call (800) 959-6333 or visit our website at www.tesorodelvalle.com.

MBK has established a Very Important Buyer (VIB) Registry, an exclusive priority registry for serious buyers at Altoliva. The VIB Registry is designed to ensure a fair and more streamlined sales process by eliminating stress-inducing campouts and lotteries. Learning more about the program or becoming a member is an easy process via the company's website at www.mbkhomes.com.

With its keen attention to detail, MBK Homes Ltd. is dedicated to delivering superior craftsmanship in every home it builds. Strengthened by the reputation and financial stability of its parent company Mitsui & Co., Ltd., MBK Homes is committed to providing its customers with the best value their homebuying dollar can buy and to building homes to last a lifetime.

MBK Homes continues to expand its homebuilding activities in some of Southern California's most desirable locations. MBK neighborhoods include: Berkeley in Brea, Sylvan Oaks in Ladera Ranch, Serrano in Rancho Cucamonga, Inverness at Vista Del Verde, San Abella at Westridge Valencia and Altoliva in the Santa Clarita area. MBK Homes is planning additional communities at Aldergate in Ontario, Briar Rose in Ladera Ranch, and Radcliffe at Amerige Heights in Fullerton. For more information on Altoliva or any of these communities, please call (888) 943-HOME or visit the company's website at www.mbkhomes.com.